Spent one year in the US during my British undergrad studies

I spent my second year of college on an exchange program in the U.S., and my transcript from my UK undergraduate degree just says 'PASS' for that year. There is no breakdown of classes and scores from my time in the U.S. I think it was my college's policy just to pass or fail exchange students who go overseas for a year.

I think this paragraph below refers to my situation. I took it from the LSAC website. It kind of describes my situation but doesn't actually explain what the implications are:

Transfer CreditWork that appears as transfer credit on the sponsoring institution's transcript has not been completed under the clear sponsorship of the institution. It may still be referred to as the institutionís exchange program, study-abroad program, or consortium work. However, grades received in courses transferred from other institutions are typically not reported on the sponsoring institution's transcript, nor included in the sponsoring institution's GPA. They simply contribute credit towards a degree or elective requirement, assuming a grade of C or better was attained. Grades of C- and below typically do not transfer.

So, if my transcript just gives me a "pass" from my US exchange program, does that mean the grades I got will not contibrute to my overall GPA?

I've looked online and it looks like grades won't transfer if you are at a US college and study for a year or less outside of the US. But what about the other way around? What if someone is studying for their UG in the UK and spends a year or less in the US (and his or her transcript does not indicate grades for that year - only pass or fail). I know I'm not the only person ever to experience this, but I have yet to find an answer (the LSAC rep was less than helpful). Any assistance would be greatly appreciated!